Bankrupt Chevy Camaro parts supplier sues GM for $4.9m - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Sanouk · 02-19-2009, 02:00 AM

The Chevrolet Camaro is one of a handful of new products that has the potential to create some buzz for the ailing automaker, but one GM’s Camaro supplier is turning out to be just that – a real handful. Auto supplier Candence was charged with supplying interior parts for the upcoming pony car, but was forced into Chapter 11 bankruptcy last August. That quickly resulted in a lawsuit from GM, which Candence has now followed with a countersuit.

Candence’s lawsuit against GM claims the Detroit automaker owes it $4.9 million for parts, labor and equipment, according to Reuters. Troy, Michigan-based Candence – which is now in Chapter 7 liquidation – says that GM’s failure to pay could disrupt its bankruptcy process.

“GM’s breach of contract will result in substantial harm to Cadence’s bankruptcy estate, which is dependent on the funds that GM must pay to Cadence to confirm a plan in its bankruptcy case,” the parts supplier said in a statement.

Per a previous October ruling, GM is required to pay Candence on an expedited schedule for parts and services, on account of its bankruptcy filing.

http://www.leftlanenews.com

OUR72GTO · 02-19-2009, 02:09 AM

No prob BOB ......... They got 4 BILLON yesterday. Now they can pay.

StoutFiles · 02-19-2009, 10:10 AM

Quote:

No prob BOB ......... They got 4 BILLON yesterday. Now they can pay.

You do realize that even with 4 billion, GM is still in a huge amount of debt? That when they're handed 4 billion, it doesn't last very long?

OUR72GTO · 02-19-2009, 11:51 AM

DON'T WORRY ............be happy!!!!!!!

02-19-2009, 02:00 AM	#1
Sanouk Drives: all US Join Date: Mar 2008 Location: Belgium Posts: 47	Bankrupt Chevy Camaro parts supplier sues GM for $4.9m The Chevrolet Camaro is one of a handful of new products that has the potential to create some buzz for the ailing automaker, but one GM’s Camaro supplier is turning out to be just that – a real handful. Auto supplier Candence was charged with supplying interior parts for the upcoming pony car, but was forced into Chapter 11 bankruptcy last August. That quickly resulted in a lawsuit from GM, which Candence has now followed with a countersuit. Candence’s lawsuit against GM claims the Detroit automaker owes it $4.9 million for parts, labor and equipment, according to Reuters. Troy, Michigan-based Candence – which is now in Chapter 7 liquidation – says that GM’s failure to pay could disrupt its bankruptcy process. “GM’s breach of contract will result in substantial harm to Cadence’s bankruptcy estate, which is dependent on the funds that GM must pay to Cadence to confirm a plan in its bankruptcy case,” the parts supplier said in a statement. Per a previous October ruling, GM is required to pay Candence on an expedited schedule for parts and services, on account of its bankruptcy filing. http://www.leftlanenews.com __________________

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02-19-2009, 02:09 AM	#2
OUR72GTO 2010 SIM Beige RS 6M Drives: SIM RS 6M 66 Corvair Silverado LTZ Join Date: Oct 2008 Location: Kamloops,British Columbia Posts: 4,677	No prob BOB ......... They got 4 BILLON yesterday. Now they can pay.

02-19-2009, 11:51 AM	#4
OUR72GTO 2010 SIM Beige RS 6M Drives: SIM RS 6M 66 Corvair Silverado LTZ Join Date: Oct 2008 Location: Kamloops,British Columbia Posts: 4,677	DON'T WORRY ............be happy!!!!!!!